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Sign of the economic times

BearBear Posts: 18,953 ✭✭✭
in Precious Metals
On a refi 50% loan to value, 739 credit rating, stable income

On hold, because my credit number is below 740. These wacky

mortgage lenders go from the ridiculous to the absurd. I wonder

how this type of thinking, is impacting the credit lines of coin dealers?
There once was a place called
Camelotimage

Comments

  • LeonidasLeonidas Posts: 653
    Their Skeeeeeeered
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>On a refi 50% loan to value, 739 credit rating, stable income

    On hold, because my credit number is below 740. These wacky

    mortgage lenders go from the ridiculous to the absurd. I wonder

    how this type of thinking, is impacting the credit lines of coin dealers? >>



    Do you have a copy of your report to indicate what dragged it down to 740?
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    One unaccounted for jelly dougnut lowered the score from 740 to 739. They were scared Bear might have eaten it.

    They're just bean counters after all.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • taxmadtaxmad Posts: 978 ✭✭✭✭
    Why lend you money when they have to take an allowance for loan loss as soon as the loan closes. They can borrow the money from the Fed at 0%, then buy T-bills and earn a risk free (tax free) retun...
  • chumleychumley Posts: 2,305 ✭✭✭✭
    I have an opportunity to buy the property next to me...minimum 20% deposit but they prefer 25%...they trying to make cash the preferred option? or maybe they,re trying to force me into a bullion sale image
  • taxmadtaxmad Posts: 978 ✭✭✭✭


    << <i>I have an opportunity to buy the property next to me...minimum 20% deposit but they prefer 25%...they trying to make cash the preferred option? >>



    The seller wants 20% or the bank? If the seller, they want to make sure you keep making payments even if property values fall - or if they have to take it back, they are not out any money. If it is the bank, who the heck knows with those image
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    A friend had a similar case. He was told that because 3 homes in his immediate area were foreclosed on in the last 6 months that his appraisal came in 40% short of what it needed to be to make the loan go thru. They said that if he could make up the 40% in cash, they'd be more than happy to get the deal done. Not having it and not being pre-approved although he had similar financial/credit numbers as Bear, he lost $400 they wanted upfront to do the appraisal. He's being punished because of his neighbors misfortunes.
    And to top it off, the lender said going thru another lender and getting an appraisal so soon after this one falling thru would result in the same outcome. So he now feels has to wait at least 6 months before applying again. Guess what, rates are on the rise...coincidence? image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • BearBear Posts: 18,953 ✭✭✭
    Well, an unexpected 16,000 dollar emergency
    plumbing bill on my charge card, did not help.
    However after a little detective work, I found out
    that the payoff of 3500 dollars on my line of credit
    would bring my score up to 750. BINGO for Saturday.
    There once was a place called
    Camelotimage
  • goingbrokegoingbroke Posts: 1,410


    << <i>Well, an unexpected 16,000 dollar emergency
    plumbing bill on my charge card, did not help.
    However after a little detective work, I found out
    that the payoff of 3500 dollars on my line of credit
    would bring my score up to 750. BINGO for Saturday. >>

    $16,000 FOR PLUMBING? That was one hell of a leak! I hope you had boots on!
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>

    << <i>Well, an unexpected 16,000 dollar emergency
    plumbing bill on my charge card, did not help.
    However after a little detective work, I found out
    that the payoff of 3500 dollars on my line of credit
    would bring my score up to 750. BINGO for Saturday. >>

    $16,000 FOR PLUMBING? That was one hell of a leak! I hope you had boots on! >>



    Copper pipe. image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • taxmadtaxmad Posts: 978 ✭✭✭✭


    << <i>

    << <i>

    << <i>Well, an unexpected 16,000 dollar emergency
    plumbing bill on my charge card, did not help.
    However after a little detective work, I found out
    that the payoff of 3500 dollars on my line of credit
    would bring my score up to 750. BINGO for Saturday. >>

    $16,000 FOR PLUMBING? That was one hell of a leak! I hope you had boots on! >>



    Copper pipe. image >>



    That is why you collect pre-1982 pennies! Gives a whole new meaning to roll your own...
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    That is why you collect pre-1982 pennies! Gives a whole new meaning to roll your own..

    You mean '44-'82? Before that were bronze.
    EDIT:
    Well at least I thought before '44 were bronze, this says otherwise. Is it correct?
    composition of lincoln cent

    One other question, Copper is traded mostly by the pound as I understand it, but the link I provided is figuring it at 3.11g. Apx. 31-31 g = 1 oz. but that's a troy oz, right? So if Copper is traded by the pound, is that a 12 oz. pund or a 16 oz. pound?
    Thanks for the help.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    All this has to be on purpose. NOBODY is this incompetant

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Thanks for letting me know that you have absolutely no common courtesy mr...it is a legit question as I have absolutely no experince collecting Copper, none whatsoever. So what better place than here to ask.
    I tell ya, the arrogance of some people here is amazing even when i know it's overflowing.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • meluaufeetmeluaufeet Posts: 764 ✭✭✭
    Unless you're doing a cash out refi... you might be better off with what you have (depending on the goal).

    There's no guarantee that mortgage interest will be tax deductable forever.
  • johnny9434johnny9434 Posts: 28,309 ✭✭✭✭✭


    << <i>Their Skeeeeeeered >>



    they know it aint over
  • TomohawkTomohawk Posts: 667 ✭✭
    Pieces...I think MR was referring to the OP...
    ASE Addict...but oh so poor!
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    i dont see him denying it being towards me.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • keepdachangekeepdachange Posts: 1,374


    << <i>Pieces...I think MR was referring to the OP... >>

    image
    "If you hit a midget on the head with a stick, he turns into 40 gold coins." - Patty Oswalt
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    If that's the case, I hope that he will accept my apology for arseuming it was directed towards me, although I hope there is some clarification.
    Either way, I'd appreciate some help with the questions asked. Thanks...
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • SUMORADASUMORADA Posts: 4,797 ✭

    Copper is sold by the pound (Avoirdupois) which has 16oz's, a Troy pound has 12 oz's.
    coins on ebay
  • PerryHallPerryHall Posts: 46,113 ✭✭✭✭✭


    << <i>Copper is sold by the pound (Avoirdupois) which has 16oz's, a Troy pound has 12 oz's. >>



    Also, a Troy oz weighs more than an Avoirdupois oz.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    I wish my belly weighed in Troy.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I wish my belly weighed in Troy.

    LMAO!!! Thanks for the help folks, I appreciate it.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • PreTurbPreTurb Posts: 1,193 ✭✭✭
    Friend of mine, college student with steady part time income, 20 years old, no credit history, cannot get a credit card. Not even a Kohls, JCPenney (clothing stores), gasoline, nothing. A totally different world versus a few years ago.

    Another situation, Doctor and husband, high income (300K+), cannot get a 100K loan to remodel their home. Granted, existing mortgage is = the value of home at the moment, but they have high steady income.
  • BigEBigE Posts: 6,949 ✭✭✭


    << <i>Copper is sold by the pound (Avoirdupois) which has 16oz's, a Troy pound has 12 oz's. >>




    I didn't know this, thanks-------BigE
    I'm glad I am a Tree
  • goingbrokegoingbroke Posts: 1,410
    I don't know if this counts but my wife and I were driving in the big city and saw a pimp driving a V.W. instead of a Cadillac!
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    A few years ago, JPMorgan Chase kept bumping my credit card limit, up and up and up. The only time I really used it was to buy from the Mint, and that was usually a pretty good amount throughout the year.

    After the 2008 meltdown, they cut my credit limit in half. Funny. I always paid before any charges were due. I think they are telling me that they don't want to extend their credit to me. They will get their wish.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭


    << <i>A few years ago, JPMorgan Chase kept bumping my credit card limit, up and up and up. The only time I really used it was to buy from the Mint, and that was usually a pretty good amount throughout the year.

    After the 2008 meltdown, they cut my credit limit in half. Funny. I always paid before any charges were due. I think they are telling me that they don't want to extend their credit to me. They will get their wish. >>



    My card company called me yesterday to verify some charges. Plane tix, a nice paypal hit, and some random online purchases from my usual - amazon, car parts site - in the span of like 10 days and they flagged me as suspicious since I maybe use it a couple times a month. Nice, but it was annoying, especially after just sending them a big ol check.
  • MsMorrisineMsMorrisine Posts: 33,025 ✭✭✭✭✭
    figure out what credit company(s) are bringing you down and why. perhaps it is a loan limit to debt owed ratio.

    pay it down.


    ask for a rescore.


    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • meluaufeetmeluaufeet Posts: 764 ✭✭✭


    << <i>After the 2008 meltdown, they cut my credit limit in half. >>




    I know a bunch of people that had the same experience... especially with jpm (chase) accounts (which included wamu).

    I've also heard of people that made a large payment towards their CC and had their limit lowered right after... the latest move has been not to renew the credit agreement which is the same as closing the account. Many have said they were never late, and never made a minimum payment.

    At this point, its best to take a look at the expiration dates and plan accordingly.

    I have a number of friends that lost their 2nd mortgage credit lines also...

    On CNBC they call it deleveraging, and a lack of credit demand... I call it being delevered. During December there was a wave of new credit offers being sent out, but the ones I've seen were crappy offers with large annual fees.

    For some people... you may want to consider opening a new secured (2x) CC first... then paying down existing principal later... using the secured CC for travel and the like.



  • KonaheadKonahead Posts: 1,476 ✭✭✭


    << <i>

    << <i>Well, an unexpected 16,000 dollar emergency
    plumbing bill on my charge card, did not help.
    However after a little detective work, I found out
    that the payoff of 3500 dollars on my line of credit
    would bring my score up to 750. BINGO for Saturday. >>

    $16,000 FOR PLUMBING? That was one hell of a leak! I hope you had boots on! >>



    Really big cave!
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • BearBear Posts: 18,953 ✭✭✭
    Well, when raw sewerage starts coming up in the bathrooms and kitchen

    it is not something one wishes to ever see again.
    There once was a place called
    Camelotimage
  • InYHWHWeTrustInYHWHWeTrust Posts: 1,448 ✭✭✭


    << <i>A few years ago, JPMorgan Chase kept bumping my credit card limit, up and up and up. The only time I really used it was to buy from the Mint, and that was usually a pretty good amount throughout the year.

    After the 2008 meltdown, they cut my credit limit in half. Funny. I always paid before any charges were due. I think they are telling me that they don't want to extend their credit to me. They will get their wish. >>



    My brother works for Capital One. In the credit card business, you are referred to as a DEADBEAT-- people who never carry a balance, therefore pay them no interest/fees. I happily wear the monicker.

    When we were planning to build our current home, our then residence was paid for, no car or student loans, no credit card debt, etc., our credit scores were so low NO ONE would write us a construction loan! So I paid all but $25.00 on the most current credit card statement, and the next statement, paid the 12.5 % interest rate on the balance, and .... voila!.... the credit scores ascended to make the lender happy and get the construction loan. Promptly paid down the balance... what backwards world we live in
    image

    Do your best to avoid circular arguments, as it will help you reason better, because better reasoning is often a result of avoiding circular arguments.
  • SportsModeratorSportsModerator Posts: 1,624 mod


    << <i> NOBODY is this incompetant >>



    You've never seen me in action image

    Forum AdministratorPSA & PSA/DNA ForumModerator@collectors.com | p 800.325.1121 | PSAcard.com

  • edmundfitzgeraldedmundfitzgerald Posts: 4,306 ✭✭


    << <i>Well, when raw sewerage starts coming up in the bathrooms and kitchen

    it is not something one wishes to ever see again. >>




    Septic system gone bad ?
  • BearBear Posts: 18,953 ✭✭✭
    Entire sewer line from inside house to main municipal sewer line went bad and had to be brought

    up to current standards.
    There once was a place called
    Camelotimage
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